The Senate has confirmed that President Bola Tinubu is expected to present the 2025 national budget to lawmakers this week. The announcement was made by Senate spokesperson, Yemi Adaramodu, who stated that the Finance Committee would meet with Ministries, Departments, and Agencies (MDAs) on Monday to continue the budgetary process.
Adaramodu, representing Ekiti South under the All Progressives Congress (APC), indicated that the President would likely present the 2025 budget either this week or very soon. “The President would likely present the 2025 budget this week or in earnest,” he said in a statement.
He further explained that the Senate’s Finance Committee is already working on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027. As part of this, the committee will meet with the MDAs on Monday, where the agencies are expected to defend their 2024 expenditures and present their budget projections for 2025.
Last Tuesday, President Tinubu submitted the MTEF/FSP documents to both the Senate and the House of Representatives. The documents outline key fiscal parameters for the 2025 budget, including a $75 oil price benchmark per barrel, a daily oil production target of 2.06 million barrels, an exchange rate of N1,400 to $1, and a GDP growth rate of 6.4%. These figures will form the basis for the eventual consideration and approval of the proposed N47.9 trillion budget.
Senate President Godswill Akpabio has already directed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and report back within one week. This will allow for the final preparation ahead of the budget presentation.
The ongoing work in the Senate chambers is focused on resolving minor technical issues and ensuring that everything is in order ahead of the President’s visit. Lawmakers are working to ensure that there are no delays in the budget process, as timely passage is critical for the country’s economic planning.
